{"id":11934,"date":"2024-11-04T08:52:02","date_gmt":"2024-11-04T08:52:02","guid":{"rendered":"https:\/\/businesstriumphs.com\/index.php\/2024\/11\/04\/big-pharma-stocks-eli-lilly-abbvie-and-pfizer-share-q3-results\/"},"modified":"2024-11-04T08:52:02","modified_gmt":"2024-11-04T08:52:02","slug":"big-pharma-stocks-eli-lilly-abbvie-and-pfizer-share-q3-results","status":"publish","type":"post","link":"https:\/\/businesstriumphs.com\/index.php\/2024\/11\/04\/big-pharma-stocks-eli-lilly-abbvie-and-pfizer-share-q3-results\/","title":{"rendered":"Big Pharma Stocks Eli Lilly, AbbVie and Pfizer Share Q3 Results"},"content":{"rendered":"<\/p>\n

Major pharmaceutical players Eli Lilly (NYSE:LLY), AbbVie (NYSE:ABBV) and Pfizer (NYSE:PFE) reported mixed Q3 results, with each <\/strong>company facing distinct market forces, ranging from supply issues to financial constraints.<\/strong><\/p>\n

In its latest quarterly report, released on Wednesday (October 30), Eli Lilly missed on sales expectations for Zepbound, its popular weight-loss drug, and Mounjaro, its diabetes medication. Despite growing US demand for these products, supply chain management issues impacted the company\u2019s ability to meet Wall Street\u2019s expectations.<\/p>\n

According to Reuters, Eli Lilly dropped 8 percent on the news, reducing its market valuation by nearly US$70 billion. <\/p>\n

CEO David Ricks said stock management issues with wholesalers were a major factor in the shortfall, noting that distributors were navigating storage and financial constraints that affected order volumes.<\/p>\n

Eli Lilly\u2019s Q3 report indicates that Zepbound and Mounjaro collectively contributed US$4.37 billion to the company\u2019s revenues, falling short of analysts\u2019 projections of US$4.89 billion. The company has revised its 2024 profit forecast. <\/p>\n

For its part, AbbVie reported a year-on-year decrease in net income, driven primarily by increased operating costs. <\/p>\n

The company recorded a 12 percent drop in net income for the third quarter, amounting to US$1.56 billion, while net revenues grew to US$14.46 billion, reflecting a 3.8 percent increase from the previous year. <\/p>\n

AbbVie\u2019s CEO, Robert Michael, underscored that the company has seen strong commercial execution and pipeline growth, leading it to increase its guidance for the remainder of the year. He also confirmed a quarterly dividend increase. <\/p>\n

In Q3, the company incurred a rise in operating expenses, which totaled US$10.63 billion, up 9 percent from the previous year. The increase was attributed to research and development costs and strategic acquisitions. <\/p>\n

AbbVie\u2019s earnings also reflected an increase in pre-tax income, which rose by 5 percent year-on-year to US$2.08 billion for the quarter. The firm\u2019s total revenues for the first nine months of 2024 climbed to US$41.23 billion, marking a 3 percent increase from the previous year, despite some challenges associated with operating costs.<\/p>\n

On Monday (October 28), AbbVie announced plans to acquire privately held Aliada Therapeutics, a biotech company specializing in treatments for neurological disorders, for an estimated US$1.4 billion. The purchase will support AbbVie\u2019s commitment to expanding its research and treatment capabilities in neurological and other specialty areas. <\/p>\n

Meanwhile, Pfizer reported higher revenues, supported by strong sales of its COVID-19 therapies Paxlovid and Comirnaty. <\/p>\n

The company\u2019s quarterly revenues for Q3 totaled US$17.7 billion, up 31 percent year-on-year. This increase contributed to Pfizer\u2019s revised guidance for the year, with projected revenues now estimated at US$61 billion to US$64 billion. <\/p>\n

CEO Albert Bourla attributed the company\u2019s performance to steady demand for COVID-19 medications, in addition to cost-control measures implemented during the quarter. A spike in COVID-19 cases contributed to heightened demand for Paxlovid, while Pfizer\u2019s acquisition of Seagen bolstered revenues through additional sales of cancer treatments.<\/p>\n

Pfizer\u2019s adjusted financial outlook for 2024 reflects projected sales of up to US$64 billion, with estimated contributions of US$5 billion from Comirnaty and US$5.5 billion from Paxlovid for the year. <\/p>\n

The company also reported growth across several key product lines, including Eliquis and Xtandi, though some products, like Xeljanz and Ibrance, saw declines due to regulatory changes and price pressures.<\/p>\n

It\u2019s worth noting that activist investor Starboard Value has reportedly acquired a US$1 billion stake in Pfizer, equivalent to 0.6 percent of the company\u2019s total shares. Its aim is to ignite a turnaround at the company. <\/p>\n

<\/span>Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.<\/strong><\/p>\n<\/p>\n

This post appeared first on investingnews.com<\/div>\n","protected":false},"excerpt":{"rendered":"

Major pharmaceutical players Eli Lilly (NYSE:LLY), AbbVie (NYSE:ABBV) and Pfizer (NYSE:PFE) reported mixed Q3 results, with each company facing distinct market forces, ranging from supply issues to financial constraints. In its latest quarterly report, released on Wednesday (October 30), Eli Lilly missed on sales expectations for Zepbound, its popular weight-loss drug, and Mounjaro, its diabetes […]<\/p>\n","protected":false},"author":0,"featured_media":11935,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[],"class_list":["post-11934","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investing"],"_links":{"self":[{"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/posts\/11934","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/comments?post=11934"}],"version-history":[{"count":0,"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/posts\/11934\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/media\/11935"}],"wp:attachment":[{"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/media?parent=11934"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/categories?post=11934"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/tags?post=11934"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}